China’s National Development and Reform Commission (NDRC) has issued fines to 6 polyvinyl chloride (PVC) manufacturers for price-fixing the PVC market. The companies involved are: Yibin Tianyuan Group, Sichuan Jinlu Group, Ningxia Younglight Chemicals, Inner Mongolia Juzheng Energy and Chemical Group, Elion Clean Energy and Inner Mongolia Eerduosi Resources.
Although the NDRC has not yet released a formal announcement, the companies announced the fines to the Shanghai and Shenzhen Stock Exchanges.
The case concerned the manufacturers’ participation in the ‘Western China PVC Association’ conference in 2016, and the exchange of price information and agreements to fix the sale prices of PVC products through group chats on WeChat, a Chinese messaging app.
The fines range from US$1.2 million up to US$4.5 million.
Full Content: Lexology
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